Shown below is activity for one of the products of Denver Office Equipment: January 1 balance, 650 units @ $60 per unit $39,000 Purchases: January 10: 650 units @ $65 per unit January 20: 1,200 units @ $70 per unit Sales: January 12: 1,000 units January 28: 790 units Required: Compute the January 31 ending inventory and cost of goods sold for January, assuming Denver uses average cost and a perpetual inventory system. Note: Do not round intermediate calculations. Round your final answers to nearest whole dollar amount. Ending inventory Cost of goods sold
Shown below is activity for one of the products of Denver Office Equipment: January 1 balance, 650 units @ $60 per unit $39,000 Purchases: January 10: 650 units @ $65 per unit January 20: 1,200 units @ $70 per unit Sales: January 12: 1,000 units January 28: 790 units Required: Compute the January 31 ending inventory and cost of goods sold for January, assuming Denver uses average cost and a perpetual inventory system. Note: Do not round intermediate calculations. Round your final answers to nearest whole dollar amount. Ending inventory Cost of goods sold
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Shown below is activity for one of the products of Denver Office Equipment:
January 1 balance, 650 units @ $60 per unit $39,000
Purchases:
January 10: 650 units @ $65 per unit
January 20: 1,200 units @ $70 per unit
Sales:
January 12: 1,000 units
January 28: 790 units
Required:
Compute the January 31 ending inventory and cost of goods sold for January, assuming Denver uses average cost and a perpetual
inventory system.
Note: Do not round intermediate calculations. Round your final answers to nearest whole dollar amount.
Ending inventory
Cost of goods sold](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb0550094-787d-49cf-b4d4-1b0926b65c9d%2F1dce3642-dd07-4d2a-8d6a-830760cea715%2Fhl52wr4_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Shown below is activity for one of the products of Denver Office Equipment:
January 1 balance, 650 units @ $60 per unit $39,000
Purchases:
January 10: 650 units @ $65 per unit
January 20: 1,200 units @ $70 per unit
Sales:
January 12: 1,000 units
January 28: 790 units
Required:
Compute the January 31 ending inventory and cost of goods sold for January, assuming Denver uses average cost and a perpetual
inventory system.
Note: Do not round intermediate calculations. Round your final answers to nearest whole dollar amount.
Ending inventory
Cost of goods sold
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